What a MiCA license means in practice.

Kastrup: 'It took us well over a year and a half before we got the license. That sounds long, but much of that time went into putting internal processes in place that simply didn't exist yet, such as a formal complaints policy and a written custody structure for client assets.'

'The regulator then asked additional questions about our liquidity buffers and how we handle outsourced services, such as cloud storage. That extended the process by a few months. In hindsight, that was fair: it forced us to actually understand things rather than just write them down.'

Kastrup: 'Separating client money from company funds seemed simple, but our existing accounting systems weren't set up for it. We had to make technical changes to be able to show at any moment which amount belongs to a client and which to the company itself.'

'On top of that, the governance requirement for independent board members took a lot of time. It isn't easy to quickly find suitable candidates who know the sector and are independent enough.'

Kastrup: 'Definitely. Customers now get clearer agreements, a fixed complaints channel with response times, and more transparency about where their assets are held. For some users this feels like extra bureaucracy, but it also provides more certainty if something goes wrong.'

'We also see institutional parties engaging with us faster once they know we're licensed. For them a license is often a hard requirement, not a matter of preference.'

Kastrup: 'For small, local platforms the licensing burden is relatively heavier because fixed costs don't scale with company size. Some firms we know have stopped custody in-house and instead partnered with an already licensed party.'

'That leads to more consolidation in the market. Fewer providers, but ones that demonstrably meet the same rules. In the long run I think that's good for trust in the sector.'

A MiCA license says something about a provider's organisational and financial soundness, but it does not remove market risk. The value of crypto assets can fluctuate sharply regardless of how well a platform is organised.

This interview is journalistic and does not constitute investment advice. Anyone considering trading with a licensed party should check whether the license is current via the regulator's register.